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Elon Musk sells over $1.1 billion of Tesla stock

During a press conference, Elon Musk (Tesla CEO) stands at the Foundry of Tesla Gigafactory.

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Based on financial filingsOn Wednesday, Elon Musk, the CEO of Tesla Motors is taking orders for a block TeslaShares via a plan he created on September 14. According to the company, sales of more than 930,000 shares totalled more than $1.1 Billion. OpenInsiderThis site tracks stock holdings through SEC filings. He has more than 170,000,000 shares.

Musk sold shares to meet tax obligations arising from the exercise of stock options.

Prior to the public release of the plan, Elon Musk asked his 62.5 million Twitter followers to vote in an informal poll, telling them their vote would determine the future of his Tesla holdings.

These filings show that he actually knew about some of the shares that were to be sold by Monday.

Tesla’s shares fell more than 15% after the results of the Twitter poll. Monday and TuesdayPrior to Wednesday’s rebound, the stock market was down more than 4 percent.

Musk previously indicated that he would likely sell “a large block” of options during the fourth quarter. A appearance at the Code Conference in September, Musk said when his stock options expire at Tesla, his marginal tax rate would be over 50%.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.